Mexico's Mendel secures $35M to tackle LatAm's corporate spend management problem
Updated: Oct 11, 2022
December 2nd, 2021
We believe in the power of the "tech" inside fintech. To help companies better manage their expenses, Mendel has developed a powerful software to reduce the hands, heads, time and money involved in expense reconciliation processes.
By creating a powerful software, the Argentinian company has managed to secure recurring Saas fees in addition to interchange fees charged for their corporate cards usage. With 150 onboarded clients, Mendel locked a $15M equity investment for their Series A which attracted leading venture capital funds.
Mendel, a corporate spend management solution for enterprises in Latin America, announced today that it has secured $35 million in debt and equity.
The Mexico-based startup closed the $15 million Series A round and $20 million debt financing after participating in Y Combinator’s Winter 2021 cohort. ALLVP and Infinity Ventures, a firm founded by a trio of ex-PayPal execs, co-led the equity raise. A number of angel investors also participated, including Airbase founder and CEO Thejo Kote, Auth0 co-founder and CTO Matias Woloski, Mercado Libre CFO Pedro Arnt, Kavak COO Federico Ranero and Bain Capital’s Keri Gohman, among others.
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